Despite 2016’s strong pace of home sales – the highest in a decade – there was a marked drop in activity from vacation home buyers, according to an annual second-home survey released by the National Association of Realtors® (NAR). NAR’s 2017 Investment and Vacation Home Buyers Survey revealed that vacation home purchases last year decreased to an estimated 721,000, down 21.6% from 2015 (920,000) while investment-home sales in 2016 rose 4.5% to 1.14 million. Owner-occupied purchases bounded upward 12.5% to 4.21 million last year – the highest level since 2006 (4.82 million). The two highest cited reasons for buying a vacation home were a) vacations or as a family retreat (42%) and b) future retirement (18%). Investors, on the other hand, purchased to generate income through renting (42%) and for potential price appreciation (16%). “The ability to generate rental income or remodel a home to put back on a market with tight inventory is giving investors increased confidence in their ability to see strong returns in their home purchase,” commented Lawrence Yun, NAR Chief Economist. The NAR survey additionally implicated that vacation and investment buyers were more inclined to use their property as a short-term rental in 2016. Forty-four percent […]
Fannie Mae’s Q1 2017 Mortgage Lender Sentiment Survey reveals that mortgage lenders are more confident in the economy than ever. Learn why in this article.
The recently published April Mortgage Monitor revealed that mortgage servicers are having difficulty retaining customers post-refinancing.
The Market Composite Index, which tracks mortgage loan application volume, increased 3.3%, taking into account a seasonally adjusted basis from the previous week.
FHA’s mortgage share is on the decline. However, that may turn out to be the good news, FHA’s portion has decreased to 20% as of the most recent reports.
In recent interviews, Fed Chairwoman, Janet Yellen, gave clear indication that, barring any dramatic and unexpected changes in the economic reports, the central bank would lend an increase in rates.
According to the MCAI, credit availability increased in March led by a swell in jumbo mortgage loans and an uptick in government loans.
Data reveals that purchase mortgage loans spiked to a 57% share of all mortgage loan originations in February, an increase of 5 percentage points.
Ben Carson has officially been awarded the title of the 17th secretary of the Department of Housing and Urban Development after a majority Senate vote of 58-41 and will begin immediately serving his term with the housing agency.Securing one of the few remaining cabinet members left to be approved, Carson’s inaugural first day is scant more than a month after President Donald Trump was sworn into office.